Castleark Management LLC Sells 339,768 Shares of Vonage Holdings Corp. (VG)

Castleark Management LLC reduced its position in shares of Vonage Holdings Corp. (NYSE:VG) by 16.4% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,727,132 shares of the technology company’s stock after selling 339,768 shares during the period. Castleark Management LLC owned about 0.76% of Vonage Holdings Corp. worth $11,295,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Fifth Third Bancorp lifted its position in shares of Vonage Holdings Corp. by 29.6% during the first quarter. Fifth Third Bancorp now owns 16,911 shares of the technology company’s stock worth $107,000 after purchasing an additional 3,863 shares in the last quarter. Bayesian Capital Management LP acquired a new position in shares of Vonage Holdings Corp. during the second quarter worth $118,000. Karp Capital Management Corp acquired a new position in shares of Vonage Holdings Corp. during the first quarter worth $126,000. Eqis Capital Management Inc. lifted its position in shares of Vonage Holdings Corp. by 4.2% during the second quarter. Eqis Capital Management Inc. now owns 20,043 shares of the technology company’s stock worth $131,000 after purchasing an additional 813 shares in the last quarter. Finally, Quantitative Systematic Strategies LLC lifted its position in shares of Vonage Holdings Corp. by 19.0% during the second quarter. Quantitative Systematic Strategies LLC now owns 19,671 shares of the technology company’s stock worth $131,000 after purchasing an additional 3,136 shares in the last quarter. 79.57% of the stock is currently owned by institutional investors and hedge funds.

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A number of research analysts have recently commented on VG shares. Northland Securities reissued a “buy” rating and set a $9.50 target price on shares of Vonage Holdings Corp. in a research report on Tuesday, September 5th. Robert W. Baird reissued a “buy” rating and set a $9.00 target price on shares of Vonage Holdings Corp. in a research report on Friday, September 1st. Citigroup Inc. reissued a “buy” rating and set a $9.75 target price on shares of Vonage Holdings Corp. in a research report on Wednesday, September 13th. Zacks Investment Research cut shares of Vonage Holdings Corp. from a “hold” rating to a “sell” rating in a research report on Thursday, July 13th. Finally, Dougherty & Co reduced their target price on shares of Vonage Holdings Corp. from $10.50 to $8.50 and set a “buy” rating on the stock in a research report on Friday, August 4th. Two equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. Vonage Holdings Corp. currently has a consensus rating of “Buy” and an average price target of $9.16.

Vonage Holdings Corp. (NYSE:VG) last posted its quarterly earnings data on Thursday, August 3rd. The technology company reported $0.06 earnings per share for the quarter, meeting the consensus estimate of $0.06. Vonage Holdings Corp. had a return on equity of 12.40% and a net margin of 2.00%. The company had revenue of $252.00 million during the quarter, compared to analysts’ expectations of $242.05 million. During the same period in the prior year, the business earned $0.08 earnings per share. Vonage Holdings Corp.’s revenue for the quarter was up 7.8% compared to the same quarter last year.

In related news, CFO David T. Pearson sold 198,350 shares of the firm’s stock in a transaction on Wednesday, August 23rd. The stock was sold at an average price of $8.07, for a total value of $1,600,684.50. Following the completion of the transaction, the chief financial officer now directly owns 216,119 shares of the company’s stock, valued at $1,744,080.33. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Jeffrey A. Citron sold 414,913 shares of the firm’s stock in a transaction on Thursday, August 17th. The stock was sold at an average price of $8.11, for a total value of $3,364,944.43. Following the completion of the transaction, the director now directly owns 12,670,751 shares of the company’s stock, valued at $102,759,790.61. The disclosure for this sale can be found here. Insiders sold 1,028,176 shares of company stock valued at $8,280,784 over the last three months. 14.05% of the stock is owned by company insiders.

About Vonage Holdings Corp.

Vonage Holdings Corp. is a provider of cloud communications services for businesses and consumers, and consumer and communication solutions across multiple devices. The Company operates through two segments: Business and Consumer. For business services customers, the Company provides cloud-based unified communications as a service (UCaaS) solutions, consisting of integrated voice, text, video, data, collaboration, and mobile applications over its scalable session initiation protocol (SIP) based voice over Internet protocol (VoIP) network.

Institutional Ownership by Quarter for Vonage Holdings Corp. (NYSE:VG)

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